§ 38.2-514.1. Disclosure required
A. Any agent selling, soliciting, or negotiating a contract of insurance in conjunction with any automobile club service agreement or in conjunction with any accidental death and dismemberment policy shall provide to the applicant, at the time of application, a written disclosure which shall contain:
1. The name or type of each policy or contract of insurance and automobile club service agreement for which application has been made;
2. The premium quotation associated with each policy or contract of insurance and the cost of any dues, assessments or periodic payments of money associated with each automobile club service agreement for which application has been made; and
3. A statement that the applicant has elected to purchase such policies, contracts, or automobile club service agreements.
B. The disclosure required by this section shall be signed and dated by the agent and the applicant. A copy of the signed disclosure shall be given to the applicant at the time of application. If the application is made by telephonic or electronic request, a copy of the disclosure shall be signed and dated by the agent and shall be mailed to the applicant within ten calendar days of the application.
C. The provisions of this section shall apply only to the original issuance of policies or contracts of insurance and automobile club service agreements covering personal, family, or household needs rather than business or professional needs. As used in this section, an automobile club service agreement is an agreement issued by an automobile club as defined in § 13.1-400.1.
D. Notwithstanding subsections A, B and C, this section shall not apply to the sale of group insurance.
(1996, c. 473; 2001, c. 706.)
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